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Peter Davis

An writer at FOMOdrive

  • Dec 26, 2023
  • 4 min read

The SEC has set a deadline for applications for Bitcoin ETFs

The annual highs for Solana's on-chain metrics have been refreshed.

After a weekly outflow, crypto funds saw an influx of $103 million.

It is estimated that by 2024, the user base of cryptocurrencies will reach close to one billion.

In 2023, ChangeNOW observed a surge in demand for five different altcoins.

Rumors of issues on the MEXC exchange have been refuted.

CoinShares reported that investments in crypto funds rose by $103 million last week, following a weekly outflow of $16 million. This inflow of funds has been seen for 12 of the last 13 weeks. Specifically, investments in Bitcoin increased by $88 million, Ethereum by $8 million, and Solana by $6 million. Additionally, investments in funds that allow for shorting Bitcoin rose by $0.4 million. On the other hand, Litecoin and Avalanche experienced an outflow of $0.4 million and $2.6 million, respectively.

Companies have been given until December 29, 2023 to make the final adjustments to their applications to launch Bitcoin ETFs by the US Securities and Exchange Commission (SEC).

Arthur Hayes, former CEO of the BitMEX exchange, has suggested that the US political elite, who are opposed to cryptocurrencies, could benefit from the introduction of Spot Bitcoin ETFs. However, if ETFs managed by companies in the traditional finance (TradFi) sector become too successful, they could potentially have a devastating effect on Bitcoin.

Coinbase has refuted claims made by Elizabeth Warren, a member of the US Senate Banking Committee, that it is attempting to impede the progress of cryptocurrency regulation. Warren had asked organizations to submit information by January 14th regarding the number of former officials and members of Congress employed in the industry and their salaries.

In response to a court ruling that mandated all US-based crypto exchanges to give out private trading data of their customers trading cryptocurrency XRP, Kraken, a crypto exchange based in the US, submitted a claim.

The "China Financial Stability Report for 2023" released by the People's Bank of China (PBOC) outlined the risks and threats that cryptocurrencies may pose to the citizens of China.

The Reserve Bank of India (RBI) has maintained its stance and still insists on a full prohibition of cryptocurrencies as a form of payment and tradable asset.

The Central Bank of Nigeria (CBN) has lifted the ban on transactions involving cryptocurrencies, while still maintaining the prohibition on banks trading, storing, and operating with them. This ban has been in place since February 2021, and the CBN has expressed the need to regulate the cryptocurrency market.

The Japanese Cabinet has given the green light to a bill that will allow companies to be exempt from taxation on profits made from cryptocurrency transactions that have not yet been realized.

As the price of SOL surged in December, monthly active and new addresses on Solana hit their highest levels of the year. This surge in online activity is being driven by a wave of meme tokens, such as BONK, according to The Block. The flow of announcements of new airdrops continued to be strong throughout the end of the year.

Bitfinex predicts that the number of cryptocurrency users will reach nearly one billion by 2024, as the market continues to show bullish trends. As of December 1, 2023, the estimated number of crypto asset holders is 575 million, and the total market capitalization of cryptocurrencies is projected to double to $3.2 trillion.

ChangeNOW observed a surge in demand for anonymous coins such as Verge (XVG), Zcash (ZEC), and Monero (XMR), as well as Litecoin (LTC) and Tron (TRX) over the past year.

Rumors of issues on the MEXC exchange have been debunked. Speculation of potential problems began when an account linked to the crypto exchange was taken down from the social media platform X. Additionally, some traders claimed that their funds had been frozen and confiscated. The exchange clarified the situation as "abnormal trading activity."

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